Collaboration over Competition: How Do Nordic Governments Support Emerging Startups?
The Nordic governments’ commitment to innovation and entrepreneurship has created fertile ground for startups, positioning the region as a global leader in sustainable and digital innovation. For instance, Nordic Innovation funds projects that promote sustainable entrepreneurship and innovation across the Nordic countries, while the Nordic Culture Foundation offers up to DKK 500,000 grants for cross-regional collaborative projects.
Sustainability Emerges as a Key Pillar
Sustainability is the key pillar of the Nordic innovation scene, shaping innovation, investment, and growth across the region. Finland, Sweden, and Denmark ranked in the top three positions in the 2024 SDG Index, distinguished by their leadership in cutting carbon emissions and ambitious targets for carbon neutrality.
Digitalisation Also Takes the Lead Across the Region
In digitalisation, the Nordics are leading the way. Speaking specifically, Nordic companies have 10-15% higher adoption rates of digital technologies than their European counterparts. This high level of digital maturity creates a culture where the population expects high-quality digital user experiences, driving innovation across sectors.
Plot Twist: Deep Tech Takes Centre Stage
While sustainability remains a pillar of Nordic innovation, more startups are now focusing on deep tech. Nordic Science Investments recently launched a €60 million fund aimed explicitly at propelling research-based deep tech across the Nordics. At the same time, the EIF committed DKK 185 million to PSV Hafnium, Denmark’s first venture fund dedicated solely to deep tech.
Conclusion
The Nordic region appears poised for even greater achievements in deep tech. While sustainability remains a core value, focusing on frontier technologies suggests a new chapter in the Nordic success story — one where environmental consciousness meets technological innovation.
FAQs
- What is the value of the Nordic startup ecosystem?
The Nordic startup ecosystem is valued at $552 billion, 16 times its worth a decade ago, according to Dealroom data. - What is the focus of the Nordic innovation scene?
The Nordic innovation scene is focused on sustainability, digitalisation, and deep tech. - How do Nordic governments support emerging startups?
Nordic governments support emerging startups through funding initiatives, grants, and collaborative projects. - What is the significance of sustainability in the Nordic innovation scene?
Sustainability is a key pillar of the Nordic innovation scene, shaping innovation, investment, and growth across the region.
